The New York Daily News spoke with Financial Markets and Funds senior counsel Gary DeWaal regarding New York Attorney General Letitia James proposed new cryptocurrency law for New York State to address alleged “rampant fraud and dysfunction in the cryptocurrency industry.” The bill, the Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO), would impose comprehensive new requirements and prohibitions on crypto brokers operating in New York or to New York residents. Gary noted his surprise at the potentially redundant proposals, stating, “New York has already been a leader in this field. It’s just not clear why a new or a supplemental regime is necessary at this point.” The New York State Department of Financial Services has been regulating persons who engage in a virtual currency business activity involving New York or New York residents through a comprehensive “BitLicense” regime since 2015.

Tish James proposes NY crypto bill targeting ‘rampant fraud’ in industry,” New York Daily News, May 5, 2023